Planned Giving News

Read below for regularly updated, informative features about developments in planned giving and ways you can make a lasting gift to Curtis by including Curtis in your financial and estate plans.

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PLANNED GIVING NEWS AT Curtis: A Legacy of Music
FEBRUARY 2012

Is there a life income plan that's good for you?

You can make a significant gift to Curtis in exchange for which Curtis will send you regular income or annuity payments. Your gift will help the school build a stronger endowment for the future, while giving you a current tax deduction, capital gains tax advantage, and life income payments. Life income gifts also reduce the costs associated with estate administration.  Life income gifts are very helpful to Curtis!  Your gift will ultimately be added to the school's endowment to help train the next generation of Curtis students. To receive a personalized illustration and learn more about life income plans at Curtis, please contact charles.sterne@curtis.edu or call (215) 717-3126.

 Is the IRA charitable rollover dead?

Washington's recent proclivity to enact "last minute" tax law changes is giving many of us indigestion and headaches.  Those with IRAs who are 70 1/2 years of age and charitably-inclined now know it's smart to wait until the end of the calendar year before taking manditory distributions.  The charitable IRA rollover extension signed into law by President Obama on December 17, 2010 expired on December 31, 2011. Will Congress revive it later this year?  We hope so!

No limits on charitable deductions

A provision in existing tax law (the "Pease Amendment"), which reduced itemized deductions (including charitable deductions) for high income taxpayers, was set to come back in 2011, but the tax law signed by President Obama on December 17, 2010 has delayed its return until 2013. Thus, there are no limits on amounts that can be deducted by high income taxpayers - at least through December 31, 2012.

Unification of federal estate and gift taxes

The 2010 tax law reinstated the federal estate tax, which "vanished" in 2010. At least through December 31, 2012, the federal estate tax will have a $5 million exemption per person, or $10 million for a married couple. And, for 2011 and 2012, the federal estate and gift tax exemptions are "unified." Thus, if a married couple had used their $2 million gift tax exemption previously, they can now give their heirs an additional $8 million before December 31, 2012 and pay no gift  tax.

Low interest rates and the charitable lead trust

An increase in the gift tax exemption from $1 million to $5 million combined with low interest rates presents an extremely attractive opportunity for high-wealth donors. Significant assets can now be transferred to heirs free of gift and estate taxes while supporting Curtis with a "charitable annuity." The IRS discount rate is 1.6% for December, 2011. The gift is accomplished with a type of trust known as a "charitable lead annuity trust." If you'd like to learn more about these and other trust arrangement that help you achieve your estate and financial goals while helping Curtis, please contact the school's development office at (215) 717-3126.

Alumni Remember Curtis with Bequests

Curtis is grateful to the following alumni whose bequests recently received by the school have strengthened the school's endowment. Their gifts make it possible for Curtis to be "tuition-free" and provide support for the training of Curtis students for many years to come, allowing the next generation of musicians to have the same opportunities they did:

• Gaetano A. Molieri (Viola '35) was a member of the Philadelphia Orchestra from 1970 until his retirement in 1999. With a generous bequest in his will, Mr. Molieri established a viola scholarship fund at Curtis in memory of his teacher, William Primrose. Many of Mr. Molieri's friends and Orchestra colleagues have made conributions to the fund in his memory. 
• Karen Tuttle (Viola '48) left a generous gift to Curtis from her estate. A beloved musician and teacher, Ms. Tuttle first served on the Curtis faculty in 1945 and continued teaching until shortly before her death in 2010.
• Ralph Berkowitz (Accompanying '35) was an early Curtis faculty member and cellist Gregor Piatigorsky's accompanyist for 30 years.  As Tanglewood's artistic director, he collaborated with the likes of Darius Milhaud, Aaron Copland, Leonard Bernstein, and Serge Koussevitsky. Ralph endowed a studio at Curtis in memory of his first wife, Freda Pastor Berkowitz, and established the Ralph Berkowitz Fellowship for Curtis pianists. 
• Ingrid Sobolewska (Voice '41) was a student of the legendary voice teacher Madame Euphemia Giannini Gregory, who was a member of the Curtis faculty from 1927 through 1973. When she studied at Curtis, Ms. Sobelewska went by the name Muriel Robertson.
• Wells Gemberling (Composition '46) left a bequest to Curtis in the name of and as a memorial to Sylvia Zaremba. At Curtis, Mr. Gemberling studied composition with Rosario Scarlaro, the same teacher who trained Leonard Bernstein (Conducting '41).
• Anna Bukay Hannaford (Harp '43) was student of Carlos Salzedo, one of the original Curtis faculty members in 1924. Through her trust arrangements, Mrs. Hannaford left Curtis her 1946 Lyon and Healy harp.
• Ellen Faull Gordon (Voice '45) studied voice at Curtis with Madame Gregory and left a generous gift to the school at her death. Her career spanned forty years on stage and forty-five years as a nationally respected teacher. Her daughter, Judith Gordon, told us, "My mother loved her time at Curtis and felt strongly that the investment Curtis makes in young artists is returned in manifold ways." 

• Barbara Elliott Bailey (Piano '43) studied piano at Curtis with Isabelle Vengerova, a member of the original Curtis faculty. Among other accomplishments in her career, Mrs. Bailey performed as a soloist with the Philadelphia Orchestra and collaborated with numerous chamber music groups. She was an active member of the Alumni Council and one of the first alums to join the Founder's Society.
• Eudice Shapiro Kast (Violin '35) studied violin at Curtis with legendary violinist Efrem Zimbalist. Her bequest was made in her name and in the name of her late husband, Victor Gottleib (Cello '35). Ms. Shapiro had a stellar career as a violin soloist, frequently performing at the Hollywood Bowl. In her later years, she was a master teacher at the USC Thornton School of Music.

Some Great Reasons to Include Curtis in Your Estate Plan

• Full tuition scholarships. Every Curtis student has received one since 1928.
• Curtis remains committed to, and focused on, its founding mission.
• Your gift to the school's endowment creates a meaningful and enduring legacy.
• You can direct your endowment fund to provide much-needed financial aid for Curtis students.
• The endowment at Curtis has a long history of being productive and prudently managed.
• There's no better way to honor the memory of loved ones than with an endowment gift to Curtis.
• The school's high standards reflect your values.
• Because you value fine music and want to help train future generations of Curtis students.

The Founder’s Society Comes of Age

Begun in 1992 by a handful of Curtis trustees, the Founder's Society is now celebrating its 21st year! There are 180 Founder's Society members, ranging in age from twenty-three to one hundred.  About one-third of our Founder's Society members are Curtis alums. Members of the Institute's board of trustees and the Bok Foundation board of trustees account for twenty-nine members. Other Founder's Society members include parents of Curtis students, parents of Curtis alumni, faculty and staff members, and many others who share a strong passion for Curtis.

Curtis was established in 1924 by Mary Louise Curtis Bok, a visionary dedicated to giving young musicians the very best training.  At the urging of the school's director, the legendary pianist Josef Hofmann, Mrs. Bok established the school's merit-based full-tuition policy by making a gift of $12.5 million to the Mary Louise Curtis Bok Foundation.  Although Mrs. Bok died in 1970, her legacy has endured, and Curtis continues to award full scholarships to all students, ensuring that admission is based solely on musical talent and artistic promise.

Today the Founder’s Society honors and recognizes those who ensure the school’s future by including gifts to Curtis in their estates and financial planning.

Once you become a member of the Founder's Society, you'll receive a subscription to Overtones and be informed of upcoming performances and alerted to significant developments at the school. In addition, Founder's Society members are recognized in concert and opera programs, and in the school's annual report. You can join the Founder’s Society by contacting Charles Sterne III, director of principal gifts and planned giving.

Your Legal and Financial Advisors Are Important

"Planned Giving News at Curtis: A Legacy of Music” is published by the Curtis Institute of Music to inform alumni and friends of ways to ensure the future of Curtis through their estate and financial-planning arrangements. The information presented here is not intended as legal advice. We encourage you to consult your attorney and tax advisor to discuss how the ideas presented here may apply to your situation.

Contact Us

For additional information about planned gifts, including bequests and life income gifts, or establishing an endowment fund at Curtis, please contact Charles Sterne III, director of principal gifts and planned giving, or call (215) 717-3126.